Working Paper
The Performance of Secondary Buyouts
Buyout funds increasingly sell their portfolio companies to other buyout funds. These secondary buyouts (SBOs) underperform primary buyouts. Yet,...
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Indexing Executive Compensation Contracts
We analyze the efficiency of indexing executive pay by calibrating the standard model of executive compensation to a large sample of US CEOs. The...
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Corporate donations and shareholder value
Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we...
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Technology and Corporate Governance: Blockchain, Crypto, and Artificial Intelligence
Over recent decades, the on-going “digital revolution” has transformed many aspects of everyday life. Think of the increased power and shrinking...
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Higher Purpose, Incentives and Economic Performance
How does organizational higher purpose affect employee behavior and firm output? We develop an optimal-contracting model which shows that pursuing...
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Limited managerial attention and corporate aging
As firms have more assets in place, more of management?s limited attention is focused on managing assets in place rather than developing new growth...
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CEO Tenure, Performance and Turnover in S&P 500 Companies
The centrality of the CEO is reflected in the empirical literature linking CEO turnover to poor firm performance. However, less is known about the...
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The Rise of Independent Directors in the United States, 1950-2005: of ShareholderValue and Stock Market Prices
Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20%...
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Why CEO Option Compensation Can be a Bad Option for Shareholders: Evidence from Major Customer Relationships
We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major...
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